Generally speaking, the fund reflects the trust relationship, that is, it is managed by the fund custodian and managed and used by the fund manager. It should be noted that company funds do not reflect the trust relationship. Equity private equity fund is embodied in the form of equity investment, while private equity debt fund is embodied in the relationship of borrowing and lending, that is, the relationship of creditor's rights and debts.
Legal basis: Article 2 of the Interim Measures for the Supervision and Administration of Private Equity Funds, the investment of private equity funds includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts. This clause lists the investment targets of private equity funds and can be understood as "other investment targets".